Barry Silbert: SEC Lawsuits Exclude POW Tokens like BTC, LTC, XMR, ETC, ZEC
In a recent tweet, Barry Silbert, the founder of Digital Currency Group (DCG), provided clarity on the status of Proof-of-Work (POW) tokens in relation to ongoing lawsuits by the U.S. Securities and Exchange Commission (SEC). Silbert declared that tokens such as Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC) are not included in any SEC lawsuit.
no Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.)
— Barry Silbert (@BarrySilbert) June 6, 2023
Silbert’s statement comes in the wake of the SEC’s legal action against major cryptocurrency exchanges Binance and Coinbase. The regulatory agency had previously identified a number of tokens as securities in its lawsuits against these platforms.
Among the tokens mentioned were Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), NEAR Protocol (NEAR), Voyager Token (VGX), Dash (DASH), and Nexo (NEXO).
The distinction between securities and non-securities in the realm of cryptocurrencies has been a subject of intense debate and regulatory scrutiny. The SEC has been actively investigating various tokens and their compliance with securities laws, aiming to ensure investor protection and market integrity. Tokens deemed securities are subject to strict regulatory oversight, including registration requirements and compliance with securities laws.
Barry Silbert’s statement offers some reassurance to the holders and supporters of POW tokens, indicating that they are not currently the focus of the SEC’s legal action. As the founder of DCG, a prominent blockchain investment firm, Silbert’s comments carry weight within the cryptocurrency community.
Read more:
- Coinbase, Kraken, And Others In A Quandary As SEC Lawsuit Against Binance Threatens Token Listings
- Binance Accuses SEC Of Regulatory Overreach And Lack Of Clarity In Cryptocurrency Laws
- Coinbase Charged By SEC For Operating Unregistered Crypto Trading Platform And Staking Program